NetApp: Strong second quarter, but outlook disappoints

NetApp delivered a strong fiscal second quarter, but the outlook was a bit light relative to expectations.

In an earnings report that hit the wires early, NetApp reported earnings of $165 million, or 27 cents a share, for the fiscal second quarter. Non-GAAP earnings were 52 cents a share. Revenue in the quarter was $1.2 billion, up 33 percent from a year ago. Wall Street was looking for earnings of 49 cents a share on revenue of $1.19 billion.

As for the outlook, NetApp projected fiscal third quarter revenue of $1.24 billion to $1.29 billion. The company said third quarter non-GAAP earnings would be 48 cents a share to 50 cents a share. Wall Street was expecting earnings of 51 cents a share on earnings of $1.26 billion.

The company ended the quarter with cash, equivalents and investments of $4.38 billion.